According to the SEC’s Division of Examinations (Examinations) 2021 Examination Priorities, there are now more than 900 offshore registered investment advisers, managing nearly $12 trillion in investor assets. Given that many of those non‑U.S. advisers manage private funds, such as hedge and private equity funds, and Examinations’ continuing focus on advisers to private funds, it is unsurprising that the SEC appears to have stepped up its efforts to conduct examinations of non‑U.S. advisers to private funds. This second article in a three-part series compares SEC exams of U.S. advisers to exams of non‑U.S. advisers and exams conducted by the SEC to those conducted by foreign regulators. The third article will provide practical tips for non‑U.S. advisers that may face an SEC exam for the first time. The first article discussed the SEC’s authority to conduct examinations of non‑U.S. advisers and the recent trend of more exams of those advisers. See our two-part series on the 2021 Examination Priorities: “New and Emerging Focus Areas” (Apr. 15, 2021); and “Perennial Focus Areas for Private Fund Managers” (Apr. 22, 2021).